Apple unveils new wallet feature

Apple has unveiled a new feature for Apple Pay users in the U.K., aiming to provide enhanced financial control. This move aligns with Apple’s commitment to improving user experience by integrating critical financial insights into the Wallet app, facilitating informed and confident purchasing decisions.

The new feature allows users to connect their accounts to eligible debit and credit cards, offering the convenience of viewing up-to-date debit card balances at the point of purchase. This empowers users to make more informed decisions and gain better control over their finances.

In addition to real-time balances, the feature provides insights into debit card account details, spending history, payments, deposits, and withdrawals. All of this information is conveniently accessible within the Wallet app, offering a comprehensive view of users’ financial activity.

To utilise this feature, users need the latest version of iOS 17.1 and must connect their accounts to eligible cards in the Wallet. The process involves authentication and consent through the financial provider’s app or website, ensuring compliance with Open Banking standards.

Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, highlighted the significance of this feature, stating, “By enabling users to conveniently access their most useful account information within Wallet and at the time of their purchase, they can make informed financial decisions and better understand and manage their spend. We look forward to working with U.K. partners under the Open Banking initiative to help users better their financial health and provide more ways in which banks can deepen their relationships with customers.”

Pan Finance is a print journal and news website providing worldwide intelligence on finance, economics and global commerce. Known for our in-depth analysis and opinion pieces from esteemed academics and celebrated professionals; our readership consists of senior decision makers from across the globe.

Contact us